Bank of China Opens Mongolia Branch
The Bank of China, one of the four large Chinese state-owned commercial banks, opened a branch in Mongolia yesterday. The opening ceremony was attended by top Chinese legislator, Wu Bangguo.
Representation in Ulaanbaatar by the Bank of China was proposed to the State Bank of Mongolia (Mongol Bank) a year ago. Mongolia’s fast economic growth and its friendly relations with China were the main reasons for establishing a branch in Mongolia, officials said at the ceremony.
When it was established in 1912, the Bank of China was the central bank of Mongolia. In 1994 it became a wholly state-owned commercial bank. The demutualization process of the Bank of China began in 2003. By August 2004, the Bank of China Limited had been established and it was then listed on Hong Kong Exchanges and Clearing Limited and on the Shanghai Stock Exchange in June and July of 2006, becoming the first Chinese commercial bank to be listed both on the mainland and in Hong Kong.
The active wealth of the Bank of China is 540 billion USD, making it one of the top 21 banks in the world. As the most internationalized and diversified bank in China, the Bank of China provides a full range of financial services in the commercial banking sector in China’s mainland, Hong Kong, Macau and in 31 other countries.
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